Industry News
Mortgage Industry News
MBA Mortgage Applications Increase
10/26/2011
Treasury prices are slightly lower this morning ahead of the umpteenth EU Summit. Rhetoric will likely increase today but a real solution does not seem imminent. The economic calendar has already been fairly active today. The weekly MBA mortgage applications index increased +4.9%, recovering a portion of last week’s steep -14.9% slide. Purchases lead the way higher with a +6.4% increase vs a 4.4% gain in refinance activity. Meanwhile, the Sept durable goods report showed a slightly better than expected result of -0.8% vs estimate of a -0.9% dip. Excluding transportation, durable goods increased a much larger 1.7% vs estimates of a +.4% gain. Lastly, round two of housing data is due to be released at 10AM this morning in the form of Sep New Home Sales. Currently, the 10yr yield is at 2.130% (2.248% Tuesday) and the 2-10 yield spread is at 186bps, flatter by 10bps since yesterday morning.
